Pure Storage, Inc. (NYSE:PSTG) Stock Position Boosted by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 0.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,508,029 shares of the technology company's stock after acquiring an additional 9,985 shares during the period. Bank of New York Mellon Corp owned approximately 1.08% of Pure Storage worth $215,498,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sugar Maple Asset Management LLC purchased a new stake in shares of Pure Storage during the 4th quarter worth about $29,000. Compass Financial Services Inc acquired a new position in Pure Storage during the fourth quarter valued at approximately $29,000. Berbice Capital Management LLC purchased a new stake in Pure Storage during the fourth quarter worth approximately $37,000. Larson Financial Group LLC grew its stake in Pure Storage by 49.1% during the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company's stock worth $32,000 after buying an additional 212 shares during the period. Finally, Financial Life Planners acquired a new stake in shares of Pure Storage in the fourth quarter worth $44,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PSTG has been the subject of a number of research reports. StockNews.com cut shares of Pure Storage from a "buy" rating to a "hold" rating in a research report on Thursday. William Blair reaffirmed an "outperform" rating on shares of Pure Storage in a research report on Thursday, November 14th. Piper Sandler upgraded Pure Storage from a "neutral" rating to an "overweight" rating and raised their target price for the company from $56.00 to $76.00 in a report on Wednesday, December 4th. Oppenheimer began coverage on Pure Storage in a report on Wednesday, November 13th. They issued an "outperform" rating and a $70.00 price target for the company. Finally, Morgan Stanley increased their price objective on shares of Pure Storage from $62.00 to $72.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $73.20.

Pure Storage Price Performance

PSTG traded down $2.97 during trading hours on Monday, hitting $49.50. 3,503,184 shares of the stock were exchanged, compared to its average volume of 2,605,644. Pure Storage, Inc. has a 12 month low of $44.76 and a 12 month high of $73.67. The stock has a 50-day simple moving average of $65.66 and a 200-day simple moving average of $58.19. The stock has a market cap of $16.15 billion, a price-to-earnings ratio of 130.27, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09.

Insider Transactions at Pure Storage

In related news, CAO Mona Chu sold 8,311 shares of the company's stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $62.16, for a total transaction of $516,611.76. Following the completion of the transaction, the chief accounting officer now directly owns 67,681 shares in the company, valued at $4,207,050.96. This represents a 10.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ajay Singh sold 19,972 shares of the stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total value of $1,229,875.76. Following the completion of the sale, the insider now directly owns 262,144 shares in the company, valued at $16,142,827.52. This represents a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 137,178 shares of company stock worth $8,871,746. 6.00% of the stock is currently owned by insiders.

Pure Storage Profile

Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.